Long term renting has become a necessity for many Brits who cannot afford to buy
Millions of Britons are resigning themselves to the possibility of never owning their own home as they become more comfortable with the prospect of long term renting, according to new research.
It is good news for property landlords as the survey from property portal FindaProperty found that 38% said that owning a property is not critical and 26% said they have no issue with the prospect of long term renting.
It also found that half of the respondents don’t expect to buy a home until they are aged 40 or over.
Despite rental prices reaching an average £890 per month at the end of last year, the highest level ever recorded by FindaProperty, only 54% of those surveyed said that purchasing their own home was very important to them.
Indeed, renting is still a necessity for more than half of all respondents. Some 61% said they do so because they cannot afford to buy a home at all. But a significant number say they choose to rent for lifestyle reasons.
One in five, 19%, of renters said they decided against buying a home because they could not afford to live in their desired area. Similarly, 6% have been put off buying because the type of house they could afford would be too small for their needs.
For many people the decision to rent is less about finances and more about convenience, with one in 10, 11%, saying they choose to rent because of the flexibility it offers.
‘A rented home doesn’t carry the same stigma as it used to. For many people, the decision to rent is based on the flexibility and convenience renting offers, and not necessarily because they can’t afford to buy,’ said Samantha Baden, property analyst at FindaProperty.
‘There’s no denying that home ownership is still a top priority for many people and for those looking to buy now could be a good time as mortgage rates and asking prices have both come down in recent years. However, there are still millions of people who don’t consider getting a foot on the property ladder as their ultimate aim. In these cases, renting a home can be the best choice for some people and allow them to live the lifestyle they want at a particular time of their lives,’ she explained.
More than half of those currently renting predict that if they do buy a home, this won’t happen until they are over 40 years old and around 11% said they are waiting for the property market to stabilise before they consider buying.
It can be a sad reality in the fact that you might never be able to buy your own house. I am still young and unmarried so I won't start looking to buy a property for another 5 or so years. But, I also choose to rent at this point in time due to lifestyle reasons. I do like how I can move fairly easily because I rent, but I would still love to have the option of buying a house in the somewhat near future. Prices are increasing in every aspect, and it's frustrating. Even estate agents are ridiculously priced. Online estate agents seem to be rising in rank and credibility though. So I guess we will see how everything pans out.